Eaton (ETN) Rating Increased to Buy at Argus

Eaton (NYSE:ETN) was upgraded by research analysts at Argus to a “buy” rating in a research note issued on Thursday. The firm presently has a $90.00 target price on the industrial products company’s stock, up from their prior target price of $85.00. Argus’ price objective points to a potential upside of 11.43% from the company’s current price.

ETN has been the subject of a number of other reports. UBS Group assumed coverage on Eaton in a research report on Tuesday, January 23rd. They issued a “neutral” rating and a $87.00 price target for the company. Zacks Investment Research lowered Eaton from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Citigroup upped their price target on Eaton from $90.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. Oppenheimer restated a “hold” rating on shares of Eaton in a research report on Tuesday, October 31st. Finally, Buckingham Research assumed coverage on Eaton in a research report on Tuesday, October 17th. They issued a “neutral” rating and a $82.00 price target for the company. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $86.93.

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Eaton (NYSE ETN) opened at $80.77 on Thursday. Eaton has a fifty-two week low of $69.82 and a fifty-two week high of $89.85. The company has a market capitalization of $35,587.26, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 1.94 and a beta of 1.39. The company has a current ratio of 1.65, a quick ratio of 1.13 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $5.10 billion. Eaton had a return on equity of 12.84% and a net margin of 14.60%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.12 earnings per share. equities research analysts expect that Eaton will post 5.14 EPS for the current fiscal year.

In related news, insider Nandakumar Cheruvatath sold 10,000 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $77.50, for a total value of $775,000.00. Following the completion of the transaction, the insider now directly owns 16,571 shares in the company, valued at $1,284,252.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles E. Golden sold 4,311 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $76.03, for a total value of $327,765.33. Following the completion of the transaction, the director now owns 20,275 shares of the company’s stock, valued at $1,541,508.25. The disclosure for this sale can be found here. Insiders sold 28,745 shares of company stock valued at $2,233,669 over the last quarter. 0.80% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Timber Hill LLC purchased a new position in Eaton in the fourth quarter worth approximately $5,542,000. Alpha Cubed Investments LLC grew its position in Eaton by 14.6% in the fourth quarter. Alpha Cubed Investments LLC now owns 201,763 shares of the industrial products company’s stock worth $15,941,000 after acquiring an additional 25,771 shares during the period. Dynamic Advisors Solutions LLC grew its position in Eaton by 17.8% in the fourth quarter. Dynamic Advisors Solutions LLC now owns 5,713 shares of the industrial products company’s stock worth $451,000 after acquiring an additional 865 shares during the period. Baird Financial Group Inc. lifted its stake in Eaton by 0.5% during the fourth quarter. Baird Financial Group Inc. now owns 135,991 shares of the industrial products company’s stock worth $10,745,000 after purchasing an additional 630 shares in the last quarter. Finally, Norinchukin Bank The lifted its stake in Eaton by 6.0% during the fourth quarter. Norinchukin Bank The now owns 37,717 shares of the industrial products company’s stock worth $2,980,000 after purchasing an additional 2,120 shares in the last quarter. Institutional investors own 76.45% of the company’s stock.

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About Eaton

Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.